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Xaar PLC (XAR)

Wednesday 18 July, 2001

Xaar PLC

Interim Results

Xaar PLC
18 July 2001
FOR IMMEDIATE RELEASE 18 July 2001
Xaar plc
INTERIM RESULTS FOR THE SIX MONTHS TO 30 JUNE 2001
- RECORD TURNOVER AND PROFIT
Xaar plc ('Xaar'), the ink jet printing technology group headquartered in
Cambridge, announces its unaudited results for the six months ended 30 June
2001.
Key points :
- Record results and progress in technology development are keeping
Xaar on course towards its goal of becoming a leading player in the
global digital printing and imaging industry.
- Turnover increased 14% to £12.3m (2000 : £10.8m).
- Profit before tax nearly tripled to £2.0m (2000 : £0.7m) and basic
earnings per share improved sharply to 2.7p (2000 : 0.6p).
- Strong cash flow resulted in an increase in net cash to £8.8m (£
8.0m at 31 December 2000).
- Results reflect growing importance to Xaar of the manufacture and
sale of printheads and inks, with increased revenue of £9.0m (2000 :
£7.0m).
- Technology licensing, development fees and royalty income
contributed £3.3m (2000 : £3.8m).
- Licence upgrades were signed during the period with Seiko
Instruments and Toshiba TEC.
- SunJet, a division of Sun Chemicals, has been signed up as an ink
development partner.
- Hong Kong office opened to support XaarJet business in Asia.
- Development of page wide array technology continues with the
demonstration of colour printing. Low volume in-house production is
planned to start in early 2002.
On outlook, Chairman, Arie Rosenfeld stated :
'Although world economic conditions have created a difficult trading
environment for many businesses, especially in the US and Japan, our growth
was not impacted by these adverse conditions during the first half of 2001.
In this environment there are no certainties and demand is difficult to
predict beyond the immediate future. However, XaarJet has a solid order book
for Q3 and we continue to have licence discussions with potential licensees,
although fees from this business remain unpredictable by their nature.
We approach the next six months with a strong determination to achieve our
goals for continued growth of the business.'
Jan Fineman, Chief Executive or Gordon MacLeod, Finance 020-7466-5000
Director at Xaar on : today
01223-423663 thereafter
Steve Liebmann or Lisa Baderoon at Buchanan Communications on: 020-7466-5000
CHAIRMAN'S STATEMENT
Introduction
I am delighted to report the achievement of record turnover and profits for
the first six months of 2001. The expansion of our patent portfolio has been
endorsed by the signing of two licence upgrades, the strong growth in demand
for our industrial printheads continues across a broad spectrum of markets and
the page wide array development ('PWA') demonstrated colour printing for the
first time. Combined, these achievements contribute towards Xaar's long-term
goal of becoming a leading player in the global printing and imaging industry.
Results and finance
Group turnover for the period grew to £12.3m (2000: £10.8m) and profit before
tax increased to £2.0m (2000: £0.7m). Our revenue profile reflects the
changing balance of the business. XaarJet's manufacture and sale of
printheads and inks increased revenue to £9.0m (2000: £7.0m), whilst
technology revenues (licence and development fees and royalties) continued to
make a substantial contribution of £3.3m (2000: £3.8m). Group cash remains
strong at £8.8m compared with £8.0m at 31 December 2000, after research and
development expenditure of £2.0m and capital expenditure of £0.9m.
Business review
We continue to develop our core intellectual property by growing the patent
portfolio. This provides us with the platform from which to exploit
commercially the technology in the office, industrial and commercial printing
markets.
Licensing, development fees and royalties - The first six months saw licence
upgrades from Seiko Instruments Inc. and Toshiba TEC - both licensees now have
full access to the patent portfolio, which includes our recent advances
generated as part of the PWA programme. Licence upgrades represent an
important endorsement of the strength and quality of our intellectual
property.
We continue to believe that royalty income, although still modest at £0.8m in
the period (2000: £0.3m), remains set to accelerate in the medium term.
Further new products have been seen from our licensees, including launches by
Konica and Brother.
XaarJet - Our base of over 100 customers print on a wide variety of surfaces
including vinyl, ceramic tiles, packaging, printed circuit boards, banners,
credit cards and forms. Development and low volume printhead production takes
place mainly in Cambridge and higher volume product lines are manufactured at
our Swedish facility, including parallel production of the 500-channel
printhead.
XaarJet is developing an increasing level of cumulative recurring revenues
from existing customers from two sources. Printheads used in industrial and
commercial applications are replaced periodically as part of regular
maintenance. In addition ink revenues, which increased by 35% in the period,
are directly related to our customers' own installed base of printing
machines. We are continuing to strengthen the ink product portfolio by our
strategy of partnering with world leading ink companies and were pleased to
announce SunJet, a division of Sun Chemicals, as a new development partner in
April.
During the last year we have signed over 15 significant new customers in Asia.
Many of these customers, particularly in China, now plan to launch products
during the second half of 2001. In response to this demand, and to create
even further opportunities, we opened a Hong Kong sales representative office
in June. This office, with an initial staff of five, will form a full time
sales and technical support team dedicated to the Asian market.
PWA - Development of the PWA has continued to progress in the first half. We
demonstrated colour printing at the end of Q1 for the first time. In
addition, the final stage payment for our initial development phase was agreed
at the end of the period. Our technical focus over the next six months will
be to adapt the existing design so that low volume production can start in
early 2002. Commercially we will target additional partners by the sale of
PWA development kits.
Board changes
We were pleased to welcome John Scott to the Board as a non-executive Director
in April. John is an executive director of Lazards and brings a wealth of
international business experience to the Board.
Outlook
The breadth of applications for ink jet is wider than ever and we are seeing a
continued increase in demand for our products and technology. Our
well-protected and growing patent portfolio continues to provide a basis for
licensing opportunities. In the XaarJet business we are committed to
exploiting new markets in Asia and the US and to further developing sales with
our existing customers. We will also be expanding our product portfolio later
in the second half with the launch of our first water-based ink compatible
printhead, which will open up new markets, including the world's largest
industrial printing market - textile printing.
Although world economic conditions have created a difficult trading
environment for many businesses, especially in the US and Japan, our growth
was not impacted by these adverse conditions during the first half of 2001.
In this environment there are no certainties and demand is difficult to
predict beyond the immediate future. However, XaarJet has a solid order book
for Q3 and we continue to have licence discussions with potential licensees,
although fees from this business remain unpredictable by their nature.
We approach the next six months with a strong determination to achieve our
goals for continued growth of the business.
Arie Rosenfeld 17 July 2001
Chairman
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE SIX MONTHS ENDED 30 JUNE 2001
Notes 6 months 6 months 12 months
to to to 31
30 June 30 June December
2001 2000 2000
(unaudited)(unaudited)(audited)
£'000 £'000 £'000
Turnover 12,272 10,755 22,746
Cost of sales (4,992) (5,098) (9,831)
Gross profit 7,280 5,657 12,915
Other operating expenses (net) (5,370) (5,041) (10,434)
Operating profit 1,910 616 2,481
Interest receivable 163 121 276
Interest payable (33) (38) (80)
Profit on ordinary activities before
taxation 2,040 699 2,677
Tax on profit on ordinary activities (447) (347) (360)
Retained profit for the financial period 1,593 352 2,317
Earnings per share - basic 1 2.7p 0.6p 4.1p
Earnings per share - diluted 1 2.6p 0.6p 3.8p
Consolidated statement of total recognised gains and losses
6 months 6 months 12 months
to to to 31
30 June 30 June December
2001 2000 2000
(unaudited)(unaudited) (audited)
£'000 £'000 £'000
Retained profit for the financial period 1,593 352 2,317
(Loss)/gain on foreign currency translation (528) 117 (112)
Total recognised gains and losses relating to
the period
1,065 469 2,205
CONSOLIDATED BALANCE SHEET
AS AT 30 JUNE 2001
As at As at As at
30 June 30 June 31 December
2001 2000 2000
(unaudited)(unaudited) (audited)
£'000 £'000 £'000
Fixed assets
Intangible assets 1,523 1,203 1,642
Tangible assets 4,209 4,513 4,176
Investments 20 20 20
5,752 5,736 5,838
Current assets
Stocks 1,461 995 921
Debtors 5,721 4,315 4,928
Cash and liquid resources 8,791 7,141 8,008
15,973 12,451 13,857
Creditors: amounts falling due within one year (4,203) (4,281) (4,025)
Net current assets 11,770 8,170 9,832
Total assets less current liabilities 17,522 13,906 15,670
Creditors: amounts falling due after more than
one year (222) (232) (126)
Net assets 17,300 13,674 15,544
Capital and reserves
Called-up share capital 5,921 5,697 5,742
Share premium account 10,956 10,408 10,484
Other reserves 1,095 1,042 1,055
Accumulated deficit (672) (3,473) (1,737)
Shareholders' funds - all equity 17,300 13,674 15,544
CONSOLIDATED CASH FLOW STATEMENT
FOR THE SIX MONTHS ENDED 30 JUNE 2001
6 months 6 months 12 months to
to to 31
30 June 30 June December
2001 2000 2000
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Net cash inflow from operating activities 1,160 3,333 5,333
Returns on investments and servicing of 119 76 193
finance
Capital expenditure and financial (603) (634) (1,530)
investment
Cash inflow before management of liquid
resources and financing 676 2,775 3,996
Management of liquid resources 545 (2,040) (1,815)
Financing 417 80 (153)
Increase in cash in the period 1,638 815 2,028
Cash and Liquid Resources Comprise:
As at As at As at
30 June 30 June 31 December
2001 2000 2000
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Cash at bank and in hand 4,536 2,116 3,208
Treasury deposits 4,255 5,025 4,800
8,791 7,141 8,008
Notes to the Interim Financial Information
1. Earnings per ordinary share - basic and diluted
The calculation of earnings per share is based on the profit for the period
after taxation and on the weighted average number of ordinary shares in issue
during the period of 58,556,295 (2000: 56,572,163) in respect of basic
earnings per share, and 62,413,626 (2000: 60,591,331) in respect of diluted
earnings per share (the only difference being in relation to exercises of
share options).
2. Comparative figures
The comparative figures for the financial year ended 31 December 2000 do not
constitute statutory accounts for that financial year within the meaning of
section 240 of the Companies Act 1985. These figures have been extracted from
the audited accounts for that year, which have been delivered to the Registrar
of Companies. The report of the auditors was unqualified and did not contain
a statement under section 237(2) or (3) of the Companies Act 1985. The
accounting policies that have been applied to these interim figures are
consistent with those applied in the preceding annual accounts.
Independent Review Report to Xaar plc
Introduction
We have been instructed by the company to review the financial information for
the six months ended 30 June 2001 which comprises the consolidated profit and
loss account, the consolidated statement of total recognised gains and losses,
the consolidated balance sheet, the consolidated cash flow statement and notes
to the interim financial information on pages 4 to 7. We have read the other
information contained in the interim report and considered whether it contains
any apparent misstatements or material inconsistencies with the financial
information.
Directors' responsibilities
The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by, the directors. The directors
are responsible for preparing the interim report in accordance with the
Listing Rules of the Financial Services Authority which require that the
accounting policies and presentation applied to the interim figures should be
consistent with those applied in preparing the preceding annual accounts
except where any changes, and the reasons for them, are disclosed.
Review work performed
We conducted our review in accordance with guidance contained in Bulletin 1999
/4 issued by the Auditing Practices Board for use in the United Kingdom. A
review consists principally of making enquiries of group management and
applying analytical procedures to the financial information and underlying
financial data and based thereon, assessing whether the accounting policies
and presentation have been consistently applied unless otherwise disclosed. A
review excludes audit procedures such as tests of controls and verification of
assets, liabilities and transactions. It is substantially less in scope than
an audit performed in accordance with United Kingdom Auditing Standards and
therefore provides a lower level of assurance than an audit. Accordingly, we
do not express an audit opinion on the financial information.
Review conclusion
On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the six months
ended 30 June 2001.
Arthur Andersen
Chartered Accountants
Betjeman House
104 Hills Road
Cambridge
CB2 1LH
17 July 2001

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